The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Wells Fargo & Company Inves...
21 October 2016 - 7:23AM
Business Wire
Law Offices of Howard G. Smith announces that a class
action lawsuit has been filed on behalf of investors who purchased
Wells Fargo & Company (“Wells Fargo”) or the “Company”) (NYSE:
WFC) securities between February 26, 2014 and September 15,
2016, inclusive (the “Class Period”). Wells Fargo investors
have until November 25, 2016 to file a lead
plaintiff motion.
Investors suffering losses on their Wells Fargo investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email
to howardsmith@howardsmithlaw.com.
The Complaint filed in this lawsuit alleges that throughout the
Class Period, Defendants made false and/or misleading statements,
as well as failed to disclose material adverse facts about the
Company’s business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: (a) The Company illegally, through forgery and other
electronic means, applied for and opened credit card accounts on
behalf of customers without their knowledge or consent; (b) The
Company illegally, through forgery and other electronic means,
opened bank deposit accounts on behalf of customers without their
knowledge or consent; (c) The Company used fake e-mail addresses to
enroll customers in online banking services and request debit
cards, including the creation of PINs, without customers’ knowledge
or consent; (d) The Defendants engineered a sales culture that was
designed to incentivize and reward employees for pushing products
on customers they did not want or need and rewarded employees for
bank and credit card accounts that were opened without the
customers’ knowledge through forgery or other means; (e) An ongoing
internal investigation had in fact found that in excess of 5% of
the employees in the Community Banking segment had engaged in a
wide ranging scheme to inflate the Company’s financial performance
figures by, among other things, opening millions of unauthorized
deposit and credit card accounts, resulting in mass terminations of
employees, ultimately reaching more than 5,000 firings; (f) That,
in an effort to conceal the breadth of Defendants’ fraudulent
cross-selling scheme, Defendants Wells Fargo and Stumpf agreed that
they would not terminate Defendant Tolstedt for overseeing the
fraudulent activities in the Community Banking segment, but rather
would allow her to retire, notwithstanding her leadership over and
oversight of the misconduct in the Community Banking segment, and
thereby permit her to pocket more than $90 million; (g) The
Company’s reported cross-selling metrics and the financial results
derived from them were the product of Defendants’ misconduct; and
(h) as a result of the foregoing, Wells Fargo’s public statements
were materially false and misleading at all relevant times.
If you purchased shares of Wells Fargo during the Class Period
you may move the Court no later than November 25,
2016 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20161020006581/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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